Option Block 253: Market Maelstrom

Trading Block: The broad indices were down over 2%. All red, all day. Fed will cut $85 billion in monthly bond purchases by $20 billion. VIX cash breaks through the 20-handle for the first time since December. Apple, Google, GLD and more!

Odd Block: Call combo unwinds in the CBOE Volatility Index (VIX) for big money, puts trade in Fleetcor Technologies (FLT), and puts trade in Contango Oil and Gas Co (MCF).

Xpress Block: It's about time for an Alex Jacobson-style rant.  This is a market for options!

Strategy Block: It's a two-for day in the strategy block: Risk vs. margin and being long-term bullish but short-term cautious.

Around the Block: Will there be more selloff in the future? Should we keep the power dry going into the weekend?